When I wrote about the draft affordable housing ordinance a few days ago, I said:
[…] perhaps developers could opt out of the affordable-units requirement by purchasing units in existing developments and reselling them as MPDUs.
Clearly the same concept could be applied to rental housing, and in last Saturday’s Washington Post there was an article about a company that is rehabilitating older buildings for affordable housing:
KSI purchased the building — originally built in 1972 — in 1998, rehabbed it in 2000 and turned it into a rent-subsidized property in 2001. With the Fields of Gaithersburg and more than two dozen other of its buildings, the company participates in a tax credit program designed to provide reasonably priced apartments to households whose incomes fall within certain ranges.
Having lived there through an ownership and management change as well as a renovation that inconvenienced her, Carmona remains pleased with her experience. That is at least in part because when KSI took over and upgraded the complex’s 168 units, Carmona got a dishwasher, wall-to-wall carpeting to cover what she describes as shabby wood floors, new windows and window treatments and a complete renovation of the kitchen and bathroom.
In their one-, two- and three-bedroom apartments, residents also have ample closet space and a window in each kitchen. Each building has its own laundry room.
Residents are allowed pets, have plenty of parking and have access to a children’s playground and an on-site outdoor pool.
The nice, clean pool was the only reason Susan Molina felt bad about living at the Fields, but only because her co-worker, who lives in nearby condo, did not have access to such a haven from Washington’s hot summer.
I believe that this would be the complex mentioned in the article.
Now, given that this is a story in the Washington Post, there’s a chance that it is little more than a goodness-and-light fantasy. But it sure sounds better than a lot of the affordable housing in Gaithersburg, which is affordable only as a result of disinvestment. I think that to the extent that a developer is willing to rehabilitate some existing structures in this manner and re-purpose them for affordable housing, that this should be counted toward the affordable housing requirement in a new development or redevelopment project — especially if the new project is in an area that already has a lot of disinvestment-induced “affordable” housing.